Egypt foreign reserves down by nearly $1bn in May

Central Bank of Egypt

Cairo - MENA

The Central Bank of Egypt (CBE) said Sunday the country's foreign currency reserves were down $965 million in May.

Forex reserves hit $19.559 billion at the end of May against $20.525 billion in April and $15.3 billion in March, the CBE said in a press statement.

Egypt's net foreign reserves have plunged more than half the volume since the 2011 revolution, which scared off tourists and investors – both considered main sources of foreign currency for Egypt. In January 2011, Egypt's net reserves stood at some $36 billion.